Author: Caroline Muriuki

Ghana’s public debt rises to $45.4bn due to COVID-19

Ghana’s public debt rose to $45.4 billion due to the impact of COVID-19 according to the Central Bank of Ghana.

The bank said that for the first seven months of 2020, provisional data on budget execution, showed an overall budget deficit of 7.4 per cent of GDP, against the revised the target of 7.2 per cent of GDP as the pandemic continued to impact fiscal operations.

In a press release the bank said that the primary balance also recorded a deficit of 3.7 per cent of GDP, above the planned target of 3.4 per cent of GDP.

“Over the review period, total revenue and grants amounted to GH¢27.7 billion ($4.8 billion) compared with the target of GH¢26.8 billion ($4.6 billion). Total expenditures and arrears clearance amounted to GH¢56.2 billion (9.7 billion), above the target of GH¢53.3 billion ($9.2 billion). These developments impacted the stock of public debt which rose to

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African Development Bank finance Niger’s climate change

The African Development disbursed $5.6 million to Niger to implement its Africa Disaster Risk Management Funding Programme (ADRiFi).

The funds are from the African Development Fund (ADF-15) as technical and institutional support to strengthen the country’s resilience and response to drought-related disasters.

The project will be co-financed by the Bank’s group concessional rate loan window and the Pan-African mutual managed fund, a risk contribution of $1 million and by the Nigerien government $1.4 million.

Africa Disaster Risk Management Funding Programme (ADRiFi) aims to strengthen Niger’s resilience and response to climate shocks by improving its disaster risk management and adaptation to climate change.

ADRiFi will therefore provide financial and technical support to the Niger’s government through capacity building in terms of drought risk assessment, prevention of drought-related food crises and development of contingency plans. It will also support through transfer of sovereign risk through the subscription of insurance against drought risks …

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Africa could gain $89bn annually by curbing illicit financial flows

illicit capital flows

Curbing illicit capital flows could almost cut in half the annual financing gap of $200 billion that the continent faces to achieve the Sustainable Development Goals according to UNCTAD’s Economic Development in Africa Report 2020.

The report titled  “Tackling illicit financial flows for sustainable development in Africa,” notes that every single year an estimated $88.6 billion, equivalent to 3.7 per cent of Africa’s GDP, leaves the continent as illicit capital flight.

According to the report, Illicit financial flows (IFFs) are movements of money and assets across borders which are illegal in source, transfer or use. The outflows include illicit capital flight, tax and commercial practices like mis-invoicing of trade shipments and criminal activities such as illegal markets, corruption or theft.

As per the average for 2013 to 2015, the outflows are nearly as much as the combined total annual inflows of official development assistance, valued at $48 …

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African Development joins World Business Angels Investment Forum board

The World Business Angels Investment Forum announced the African Development Bank as its newest Board Member.

The bank will represent Africa’s early-stage equity markets, angel investors,  entrepreneurship and startup ecosystems, small and medium enterprises and high-growth businesses and private equity funds.

The African Development Bank Director of Industrial and Trade Development, Abdu Mukhtar will occupy the bank’s board seat.

“We are delighted to have the African Development Bank Group as a global board member of the World Business Angels Investment Forum. I am confident that by including AfDB, WBAF will be able to provide a wide range of opportunities for start-ups, scaleups and high growth businesses in Africa—ones that will open the doors for economic development. By working together across borders, with a common vision, and with these smart dynamics in mind, we are well placed to bring about positive change in Africa and the global economy.” Said Baybars Altuntas, …

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China's growing influence in Africa: How the continent's real estate sector is changing

Shelter Afrique, Pan-African housing development financier signed a Memorandum of Understanding (MOU) with two Chinese construction firms to scale up the development of large-scale affordable housing projects in Kenya and its member States.

The two Chinese construction firms are Amberton International Holdings and Sichuan Huashi Enterprise Corporations E.A. LTD, with the MoU expected to boost Shelter Afrique’s mandate of providing decent and affordable housing in Africa.

The MoU was signed by Andrew Chimphondah, Shelter Afrique Chief Executive Officer, Nancy Yu, Amberton International Holdings Director and Sichuan Huashi Enterprise Corporations E.A. LTD Managing Director Cao Zheng.

“As a company, our overriding strategy is the provision of affordable housing across our member States through public-private partnerships.  This strategic partnership with Amberton and Huashi will be key in expanding our projects across the continent as we draw from the experiences of the two companies. Shelter Afrique will work closely with Amberton International Holdings …

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Uganda Tourism board partners with Agribusiness Enterprises

The Uganda Tourism Board (UTB) through its Tourism product development and diversification programme, partnered with Uganda’s Agribusiness enterprises to support the development and promotion of Agro- Tourism in the country.

So as to boost the tourism sector and cushion it through multi-sectoral collaborations, the board will focus on the development of Agro-Tourism products and services, support, create awareness and facilitate Agribusiness and Tourism stakeholders.

The board opted to tap into opportunities availed by other sectors such as Agriculture, Health, Manufacturing having analyzed the impact of the pandemic on the country’s tourism sector so as to boost tourism as it co-exists with almost every sector of the economy.

Uganda Tourism Board Chief Executive Officer Lilly Ajarova praised the merge saying that it will be a great breakthrough towards exploring possible opportunities for developing Agro-tourism in Uganda and also to raise extra income for people involved in tourism.

‘’Tourism and Agriculture both …

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Cooperatives in Uganda to benefit from Stanbic skills centre

The Stanbic Business Incubator Centre and Uganda Cooperative Alliance (UCA) signed a memorandum of understanding (MoU) to help streamline the business operations of member societies in Uganda.

According to the MoU, the two entities will partner and collaborate in the development and sustainability of cooperative businesses through enterprise development, specialised training and dissemination of information as well as to build a mutual relationship and benefits between the two entities.

Speaking during the signing of the MoU, the Executive Director Stanbic Business Incubator Limited, Tony O. Otoa, said that the partnership will allow them to give the services of the project to Uganda’s cooperative movement.

“The Stanbic Business Centre provides an enabling environment for entrepreneurs in small and medium-sized enterprises to acquire the knowhow to ensure the sustainability of their enterprises.  Among other programmes, through this partnership, we shall jointly develop and implement a series of initiatives on National Content suited …

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Equity Group CEO joins Global CEOs to champion cross-sector collaboration

Equity Group CEO, Dr James Mwangi joined a league of 14 global CEOs who have committed to champion cross-sector collaboration in the creation of a purpose-first economy.

The letter signed by the participants shows their vision for a new global economy that is more equal, inclusive and sustainable. They are also looking at an economy that is more robust in the face of pandemics, climate change and many other global challenges that the world is facing.

António Guterres, the UN Secretary-General, Henrietta Fore, UNICEF Executive Director and OECD Development Co-operation Director Jorge Moreira da Silva among other people endorsed the CEOs’ open letter.

Among the CEO’s who have joined the movement are the CEO’s of International Chamber of Commerce Mastercard, Interface, Voyager, Danone, DSM, Philips, L’Oréal, Fortune Media, Mahindra, Natura & Co, Ketchum PR and Beiersdorf.

The CEO’s have combined annual revenue of over $100 billion and a combined global …

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Egypt records  $69.96bn in foreign trade in FY 2019/20

Egypt recorded a $69.965 billion in foreign trade during the first nine months of the fiscal year (FY) 2019/20, according to the Central Bank of Egypt (CBE).

According to the bank’s report, during the period from July 2019 to March 2020, Egypt’s imports amounted to about $49.012 billion while the volume of its exports reached about $20.953 billion.

Egypt’s volume of trade exchange with its most important trading partners amounted to about $44.296 billion. Of this amount, about $31.575 billion came from imports while about $12.720 billion came from exports. A total of 14 countries account for 63.3 per cent of Egypt’s total volume of trade exchange.

According to the central bank, United Arab Emirates ranked as Egypt’s most important trading partner, accounting for a trade exchange volume of about $5.745 billion with imports valued at $3.157 billion and exports at $225.1 million.

China took second place with a trade …

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Egypt records  $69.96bn in foreign trade in FY 2019/20

Uganda’s trade deficit dropped against the European Union in July as imports of merchandises grew faster than the exports to the same region.

In April 2020, both imports and exports dropped sharply, being the first month of the lockdown as a measure to prevent the spread of the pandemic.

After the aviation sector was closed down, exports of fresh foods were greatly affected before a handful of cargo planes started operating at Entebbe and Jomo Kenyatta International Airports. Despite this, dry commodities like coffee and gold continued blossoming.

As the economy opened up due to relaxation of COVID-19 measures, trade with all regions started growing. In June, Uganda recorded a commodity trade surplus against the European Union of $0.5 million and $124 million against the Middle East.

According to the latest Economic Performance Report for August, the total merchandise trade deficit amounted to $185.44 million in July 2020 which was …

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